Oil Continues to Slide Before OPEC

Crude oil dropped, extending declines after closing at the lowest level since 2010, on concern OPEC members may fail to agree on cuts to output when they meet this week. The yen headed for its first back-to-back gain this month and Australian stocks climbed.

West Texas Intermediate crude slipped 0.4 percent to $73.77 a barrel by 10:50 a.m. in Tokyo. The yen strengthened 0.2 percent, while other Asian currencies gained against the dollar. The MSCI Asia Pacific Index rose 0.2 percent, led by a rebound in Australian equities after the local dollar hit a four-year low. Standard & Poor’s 500 Index futures were little changed after the gauge retreated from a record high.

The Organization of Petroleum Exporting Countries meets in Vienna tomorrow, after talks between Venezuela, Saudi Arabia, Mexico and Russia failed to produce an agreement on cutting supplies amid sliding oil prices. Japan reports on small-business confidence today and the U.K. updates on gross domestic product. U.S. durable goods are due after a surprise drop in consumer confidence offset data showing the economy capped its strongest six months in a decade last quarter.

Bloomberg

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